Financial News
Gold posts best daily gain in a month on ThursdayExternal Link

Gold futures bounced on Thursday as a selloff in stocks continued after a string of disappointing retailer earnings kept investors on edge about the effects of inflation on the economy. Gold futures rose $25.30, or 1.4%, to settle at $1,841.20 an ounce, the best daily percentage rise for the most-active contract since April 12, according to FactSet data. The dollar's surge to about 20 year highs also pulled back on Thursday, with the ICE US Dollar index off 1%. A stronger dollar can be a negative for commodities priced in the unit, making them more expensive to users of other currencies.

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Thu, 19 May 2022 17:37:43 GMT
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Senate sends $40 billion Ukraine-aid bill to Biden for signatureExternal Link

The Senate on Thursday approved a $40 billion military and economic-aid package for Ukraine, sending it to President Joe Biden for signature. The 86-11 vote came after earlier approval by the House, and was $7 billion above what Biden had asked for last month. The Senate's vote came the same day Biden hosted the leaders of Finland and Sweden at the White House, as they apply for membership in NATO amid Russia's war on Ukraine. Biden on Thursday said the two countries have the "full, total, complete" backing of the U.S.

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Thu, 19 May 2022 17:35:11 GMT
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Deutsche Bank downgrades BNY Mellon to hold from buy External Link

Deutsche Bank research analyst Brian Bedell on Thursday downgraded Bank of New York Mellon Corp. to hold from buy and cut the stock's price target to $45 a share from $54 a share. Bedell said he views trust banks "somewhat less favorably, as the benefits of higher interest rates may be at least partially offset by weaker equity markets." Bedell cut his 2022 earnings target for BNY Mellon to $4.25 a share from $4.56 a share to reflect "weaker markets relative to the benefit from adding more rate hikes to our assumptions along with slightly higher long-term yields." Deutsche Bank now sees BNY Mellon fairly valued against its revised estimates. Deutsche Bank reiterated buy ratings on Northern Trust and State Street . Among brokers, asset managers and exchanges, Charles Schwab Corp. remains a top pick.

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Thu, 19 May 2022 16:13:01 GMT
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Biden says Sweden, Finland have 'full, total, complete' U.S. support to join NATOExternal Link

President Joe Biden on Thursday said Sweden and Finland have the "full, total, complete" backing of the U.S. as they seek to become the newest members of NATO. In remarks at the White House while flanked by Prime Minister Magdalena Andersson of Sweden and President Sauli Niinistö of Finland, Biden said he is sending the required documents to the Senate today so lawmakers there can move quickly to approve the countries' applications. Finland and Sweden on Wednesday applied to join NATO, in a move that would bolster the military alliance's leverage against Russia as Moscow continues its war in Ukraine. The two countries could become members within a matter of months if accession talks go well. U.S. and NATO officials have both expressed confidence that concerns raised by NATO member Turkey can be addressed.

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Thu, 19 May 2022 15:12:41 GMT
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Canopy Growth agrees to buy California vape company Jetty Extracts if U.S. goes legalExternal Link

Canopy Growth Corp. said Wednesday it agreed on two call options to acquire control of California-based Lemurian Inc., which does business under the name Jetty Extracts. The two companies will continue to operate independently until Canopy exercises its acquisition rights for the cannabis vape technology and extracts company. Canopy Growth pay about $69 million in cash and common shares in exchange for roughly 75% of the equity interests in Jetty, subject to adjustments. Upon exercise of the rights to acquire up to 100% of the equity interests in Jetty covered by the first option agreement, Canopy Growth will make an additional payment. Canopy Growth did not disclose the dollar amount of the second payment. Canopy Growth said it's the latest U.S. company to ink a deal upon U.S. legalization after its $3 billion acquisition plan for Acreage in 2019 and Wana Brands for $298 million in late 2021. Canopy Growth also holds a significant conditional ownership interest in TerrAscend Corp. . Canopy Growth shares are down 32.3% in 2022 compared to a drop of 45.5% by the AdvisorShares Pure US Cannabis ETF .

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Thu, 19 May 2022 15:04:15 GMT
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